JCP Scores First Quarterly Gain Since 2011
Friday, February 7, 2014 at 10:04AM February 4, 2014
J.C. Penney scored its first positive quarterly sales result since 2011, reporting a same store sales increase of 2% in the fourth quarter, which included the holiday season.
"While 2013 brought a lot of change and challenges to J.C. Penney, the steady improvements in our business show that the company's turnaround is on track. In spite of the significant headwinds facing all retailers this season, including unprecedented harsh weather conditions in many parts of the country, we delivered on our promise to generate positive comparable store sales growth in the fourth quarter," said CEO Myron E. Ullman.
Same-store sales increased 3.1% in the nine weeks through November and December. The increase was fueled by solid performances in beauty (Sephora), activewear, sweaters, outerwear, dresses, boots, men's clothing, luggage and housewares.
"As we look ahead to 2014, our associates are encouraged by the company's results and we remain steadfast in our focus to build on these achievements and return to profitable growth," Ullman added.
The company said it closed its 2013 fiscal year with total available liquidity in excess of $2 billion.
Source: Retailing Today
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